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Paradeep Phosphates Results: Latest Quarterly Results & Analysis

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Paradeep Phosphates Ltd. 07 Nov 2025 15:47 PM
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Q2FY26 Quarterly Result Announced for Paradeep Phosphates Ltd.

Fertilizers company Paradeep Phosphates Technologies announced Q2FY26 results

  • For Q2FY26, the company reported Revenue from Operations of Rs 6,872 crore, up 49% year-on-year, and EBITDA (including other income) of Rs 698 crore, up 32% YoY
  • EBITDA (incl. other income): Rs 698 crore in Q2 ( 32% YoY)
  • Profit Before Tax (PBT) stood at Rs 469 crore, while Profit After Tax (PAT) grew 34% YoY to Rs 342 crore.
  • Operationally, production volumes grew 19% YoY in Q2 to 10.06 lakh tonnes, while sales volumes rose 30% YoY to 13.55 lakh tonnes
  • Growth was led by strong performance in value-added NPK grades. N-20 sales grew 52% YoY in Q2 to 4.94 lakh tonnes, while TSP sales surged 339% YoY to 1.6 lakh tonnes.
  • Sales volumes: 13.55 lakh tonnes in Q2 ( 30% YoY)

N. Suresh Krishnan, Managing Director & CEO, said: “Q2 and H1FY26 have been strong for PPL, reflecting the strength of our operations and strategic direction. The successful merger with MCFL marks a pivotal milestone—expanding our southern presence, enhancing market share, and unlocking scale and product-mix synergies.

Our combined production and sales grew 19% and 30% respectively, driven by robust demand for NPK and value-added grades. Efficient working capital management improved our cash cycle by 30 days, maintaining a healthy net debt-to-equity of 0.66x.

We have announced a Rs 3,600 crore investment program to add 1 million tonnes of granulation capacity and strengthen backward integration across phosphoric and sulphuric acid, targeting 5.0 million tonnes of sales within 2.5 years.

We are also delighted to welcome Rahul Dravid as our Brand Ambassador, symbolizing trust, consistency, and integrity — values that define both PPL and the farming community we serve.

Looking ahead, we remain focused on driving growth through operational excellence, innovation, and disciplined execution.”

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Fertilizers company Paradeep Phosphates announced Q1FY26 results

  • For Q1FY26, the company reported revenue from operations of Rs 3,754 crore, up 58% year-on-year.
  • EBITDA (including other income) doubled to Rs 493 crore, while profit before tax (PBT) stood at Rs 342 crore.
  • Profit after tax (PAT) came in at a healthy Rs 256 crore, supported by strong fertilizer sales.
  • PPL achieved production of 6.64 lakh tonnes and primary sales of 7.42 lakh tonnes, representing 23% and 34% year-on-year growth, respectively.
  • Production of intermediaries also saw strong growth, with phosphoric acid volumes rising 22% YoY to 113 KTPA and sulphuric acid production increasing 30% YoY to 283 KTPA.

Commenting on the performance, Suresh Krishnan, Managing Director & CEO of Paradeep Phosphates, said, "PPL delivered a strong financial and operational performance in Q1, aided by favorable rainfall and healthy reservoir levels. Our operational momentum translated into record sales volumes, driven by N-20 and our value-added NPK grades N-10, N-12, and N-19. Year-onyear, sales and production volumes rose 34% and 23%, respectively, reflecting both market demand and our execution strength.

Our backward integration projects remain firmly on track, positioning us to further enhance profitability margins over the medium term. At the same time, we continue to demonstrate fiscal discipline, with a lean cash conversion cycle and a healthy net debt-to-equity position. In June, we also secured shareholder approval for our merger with MCFL, which is now advancing through its final regulatory stages.

Looking ahead, we remain committed to creating value for our stakeholders by leveraging PPL’s integrated value chain capabilities—from global sourcing and efficient production to expansive distribution and trusted brand equity—to better serve the soils and farmers of India.”

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Fertilizers company Paradeep Phosphates announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from operations stood at Rs 3,494 crore, up 56% YoY.
  • EBITDA grew 119% YoY to Rs 389 crore.
  • PBT surged 750% YoY to Rs 223 crore.
  • PAT increased 644% YoY to Rs 160 crore.

FY25 Financial Highlights:

  • PAT surged 452% YoY on the back of record fertilizer sales.
  • Revenue from operations rose 19% YoY to Rs 13,820 crore.
  • EBITDA grew 91% YoY to Rs 1,367 crore.
  • PBT increased 434% YoY to Rs 753 crore.
  • Free cash flow (post working capital and capex) is 74% of EBIDTA.
  • Net-debt to equity improved to 0.78, a 28% reduction YoY.
  • Dividend of Rs 1 per equity share on the face value of Rs 10 declared

Commenting on the performance, Suresh Krishnan, Managing Director & CEO of Paradeep Phosphates, said “We have achieved record sales volumes of over 3 million tonnes, underpinned by strategic sourcing, a diversified NPK production mix, focused sales and marketing efforts, and strong fiscal and operational discipline. Both our debt levels and net debt per tonne of sales have decreased meaningfully. We ended the year with 74% of EBITDA converting into free cash flow. Over the past four years, our growth in volumes and key financial metrics has been standout within the industry.

Our commitment to ESG has also earned global recognition, with S&P placing us in the top 98th percentile in the chemicals sector. ESG will continue to be a core pillar of our growth agenda.

With a favorable monsoon outlook and continued government support, we remain focused on driving operational excellence and deploying free cash flows prudently to support strategic growth including backward integration.”

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Fertilizers company Paradeep Phosphates announced Q3FY25 results

  • Total Income from Operations in Q3FY25 stood at Rs 4,105 crore.
  • Total production volume for Q3FY25 was 675,808 MT, reflecting a 25% YoY increase.
  • Total sales volume in Q3FY25 reached 870,586 MT, up by 47% YoY.
  • EBITDA for Q3FY25 was Rs 371 crore, and PBT stood at Rs 220 crore, compared to Rs 291 crore and Rs 153 crore in Q3FY24, respectively.
  • Net Debt to Equity Ratio has improved further compared to the Q3FY24.
  • Raw material prices in Q3FY25 saw a moderate increase from Q2FY25.
  • The sulphuric acid expansion at the Paradeep site, from 1.39 MMTPA to ~2 MMTPA, is progressing and is expected to be commissioned by Q3FY26.
  • Given the growing need for food security, healthy soil, and balanced fertilization, coupled with favorable government policies, the fertilizer demand in the country is expected to remain strong.

S Krishnan, Managing Director, Paradeep Phosphates, said: “We’ve maintained steady performance in production and sales over the past quarters, aided by favorable rainfall, moderate inventory levels, and government support. Our product range has expanded to include over seven grades of NPKs alongside DAP, supported by effective backward integration. We’ve also seen a further improvement in our net debt-to-equity ratio this quarter compared to the previous quarter.

Our results are driven by strategic sourcing, backward integration, a soil- and crop-specific product range, and robust sales and distribution networks. Strong relationships with our channel partners and farmers continue to support our growth.

The first phase of our energy-saving project at Goa is now concluded, and we expect it to positively impact our bottom line moving forward. Additionally, our sulphuric acid expansion—from 1.39 to 2.00 million MT—is on track, supporting our phosphoric acid expansion plans from the current 5 lakh tons to 7 lakh tons.

Given the current raw material dynamics, we remain focused on maintaining the right mix of fertilizers and aim to close the fiscal year on a positive note.”

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Fertilizers company Paradeep Phosphates announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Total Income in Q2FY25 is Rs 3,844 crore, up by 4% YoY.
  • Total production volumes stood at 693,311 MT, reflecting a 5% YoY increase.
  • Total sales volumes of finished fertilizers reached 865,286 MT, marking an 18% year-over-year increase.
  • Sales volumes exceeded production by 25%, re-inforcing the company’s distribution strengths and strong brand equity.
  • EBITDA for Q2FY25 stood at Rs 440 crore, an increase of 65% YoY, while PBT stood at Rs 296 crore, marking an increase of 146% YoY.
  • Net debt to equity improved by nearly 25% to 0.82 in Q2FY25 compared to the start of the year.
  • Key raw material prices witnessed an upward trend from Q1FY25 to Q2FY25.
  • Surplus cash generated from operations stood at Rs 1,238 crore.

H1FY25 Financial Highlights:

  • Total Income in H1FY25 is Rs 6,221 crore.
  • Total Production Volumes stood at 1,232,504 MT, while Total Sales Volumes reached 1,419,857 MT.
  • EBITDA for H1FY25 stood at Rs 607 crore, while PBT amounted to Rs 310 crore.
  • New product sales volumes for nano-fertilizers were over 6 Lakh bottles and for TSP were 63,330 MT in H1.
  • With favorable monsoon conditions, healthy reservoir levels, robust crop prices above MSPs, and moderate fertilizer inventory levels in the country, fertilizer demand is projected to remain strong throughout the Rabi season of FY25.

S Krishnan, Managing Director & CEO, Paradeep Phosphates said: “In Q2 FY25, we benefited from favorable conditions, including good monsoons, healthy reservoir levels, and robust crop prices. We achieved strong volume growth across our diverse portfolio of NPK fertilizers, further reinforced by the acceptance of our climateand soil-friendly products like nano-fertilizers and TSP.

Our strategic approach to raw material sourcing and diligent operational management improved our financial leverage, resulting in a 25% reduction in our net debt-to-equity ratio. The board has also approved plans to increase our phosphoric acid capacity targeting 100% backward integration across all manufacturing sites. These initiatives will enhance our earnings quality and position us for sustainable growth.

Looking ahead, I am optimistic about the upcoming Rabi season, which we anticipate will mirror the strong demand seen in Kharif. With our robust supply chain linkages and backward integration capabilities, along with our diverse product offerings and strong channel partnerships, we are well-equipped to serve Indian farmers and soils effectively.

We will continue to prioritize our ESG initiatives as a core aspect of our growth strategy. I want to extend my heartfelt gratitude to all stakeholders for their ongoing support in our journey.”

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Fertilizers company Paradeep Phosphates announced Q4FY24 & FY24 results:

Total Income from Operations:

  • FY24: Rs 11,575 crore, down by 13% YoY.
  • Q4FY24: Rs 2,243 crore, down by 38% YoY.
  • The reductions are attributable to a decrease in product subsidies.

EBITDA:

  • FY24: Rs 717 crore, down by 20% YoY.
  • Q4FY24: Rs 178 crore, up by 11% YoY.

Production Volumes:

  • FY24: 2,304,969 MT, up by 13% YoY.
  • Q4FY24: 470,429 MT.

Finished Fertilizer Production:
Paradeep site:

  • FY24: 1,425,845 MT, up by 10% YoY.
  • Q4FY24: 319,850 MT.

Goa site:

  • FY24: 879,124 MT, up by 19% YoY.
  • Q4FY24: 150,579 MT.

Total Sales Volume:

  • FY24: 2,527,119 MT, compared to 2,029,287 MT in FY 2022-23.

Commenting on the results, N Suresh Krishnan, Managing Director & CEO, PPL said, “The fiscal year 2023-24 brought significant macroeconomic changes. We witnessed global uncertainty, experienced average rainfall, and benefited from the normalization of raw material prices worldwide, although this was accompanied by a decrease in subsidy realizations.

Despite these fluctuations, we achieved positive volumes, producing 2.3 million tons of various grades of DAP and NPK fertilizers throughout the year—an increase of 13% compared to last year. Furthermore, our sales reached nearly 2.53 million tons across various states in India, marking a 25% increase from the previous year. We also managed our debt effectively reducing it by 14% YoY.

Looking ahead, we are gearing up to introduce innovative grades of soil and crop specific NPK fertilizers. We are also in the process of launching our own researched biogenic nano-urea and nano-DAP fertilizers, which promises a significant value addition to soil nutrition.

Our commitment to sustainability has also been recognized, with our first-time entry into the S&P’s DJSI index. We remain dedicated to advancing our ESG goals and making sustainability a central theme in all our operations.

With an expectedly better monsoon season ahead, we are fully prepared to meet the demands of the Kharif season with an optimal product mix, enhanced farmer engagement, and improved operational efficiencies.”

Result PDF

Fertilizers company Paradeep Phosphates announced Q1FY24 results:

  • Total Income in Q1FY24 is Rs 3,073 crore, up by 26% YoY.
  • Total production volumes were 6,40,784 MT, up by 126% YoY.
  • Paradeep site produced 3,53,020 MT of finished fertilizers, up by 32 % YoY.
  • Goa site, which was acquired by PPL on June 1, 2023, produced 2,87,764 of finished fertilizers in Q1FY24 respectively.
  • Total sales volumes stood at 6,21,755, up by 81% YoY.
  • The EBIDTA and PBT for Q1FY24 stood at Rs (19) and Rs (159) crore respectively.
  • Q1FY24 EBIDTA and PBT were impacted by the retrospective subsidy adjustment and partly by a carry forward of high-cost raw-material. The net one-time adjustment taken is Rs 305 crore. Sans the adjustment, EBIDTA would be Rs  285 crore.
  • Phosphoric acid expansion from 3 lakh to 5 lakh tons at the Paradeep site is completed. Backward integration benefits to accrue from subsequent quarters.
  • Key raw material prices for the industry have seen a steady decline throughout Q1FY24. The normalization is expected to aid the bottom line in FY24.
  • Given growing food demand and “area under crop cultivation” in the country, supported by good monsoons and high reservoir levels, fertilizer demand is expected to stay firm.

Commenting on the results, S Krishnan, Managing Director, Paradeep Phosphates said, “We have recorded strong production and sales volumes in Q1FY24.

Both the sites have been produced optimally. The Paradeep site in Q1FY24 has produced 3,53,020 MT of finished fertilizers up by 32% compared to Q1 last year. Our Goa site has operated at close to full utilization levels in Q1 and has produced unique grades like N-19, and N-24 in addition to our core products.

We confirm that the expansion in our phosphoric acid capacity to 5 lakh metric tons at our Paradeep site is completed effective 1st August 23 and the benefits of this backward integration are expected to accrue from Q2FY24 onwards.

The industry outlook looks good with the recent revival of monsoon, healthy reservoir levels, higher crop prices vis a vis MSPs, and normalization of global commodity prices.

With these tailwinds and our robust capabilities across supply-side, manufacturing, and pan-India distribution, we are focussed on capturing the maximum value and translating it for our shareholders in FY24.”

 

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Fertilizers company Paradeep Phosphates announced Q4FY23 & FY23 results:

  • The company reported Q4 Income at Rs 3,714 crore, up by 93% compared to Q4 of last year.
  • The EBIDTA for the quarter is at Rs 160 crore, up by 36 % compared to that in Q4 of last year
  • The full year of FY23, the total income reported is at Rs 13,432 crore, up by 70% as compared to that of last year
  • The EBIDTA for the full year stands at Rs 892 crore, up by 26% compared to that of last year.
  • The Board of Directors has recommended a dividend of 5% ie Rs 0.50 per equity share of Rs 10 each fully paid up.

Commenting on the results, Mr. S Krishnan, Managing Director, Paradeep Phosphates said, “During the fourth quarter of FY 22-23, we have been able to operate both the sites consistently with the help of our strong supply-side partnerships.

We are happy to report that the integration of Goa plant is well complete and the site has been producing optimally. The Goa site produced 2,49,000 tons of finished fertilizers in Q4 including 1,21,691 tons of urea and several varied grades of NPKs.

In Q4 of FY 23, our Paradeep site has produced a record 3,71,441 tons of finished fertilizers, up by 34% compared to that in Q4 of FY 22.

During the year, we have strengthened our total capacity by 150% to reach a run-rate of 3 Million Tons Per Annum (MMTPA) of finished fertilizers effective December 2022. While our Paradeep site reached a capacity of 1.8 MMTPA organically from 1.2 MMTPA, our acquisition of Goa Plant added 1.2 MMTPA from June 2022.

We are close to completing the remainder of the ongoing CAPEX projects namely the phosphoric acid capacity enhancement and the fourth evaporator by Q1 of FY 24. These projects will further aid our backward integration capability leading to higher profitability.

Throughout the year we have successfully produced a wide variety of complex fertilizer grades (viz. NPK 10, NPK 12, NPK 14, NPK 19, NPK 20, NPK 24, NPK 28 and DAP) across both of our sites. Our wide-ranging products have served our farmers with nutrients specific to their soil and crop needs.

During the year, we also embarked upon our sustainability journey by publishing our maiden ESG report mapped to global frameworks like GRI, SASB. We would continue to have sustainability as a central theme in our growth agenda.

Going forward, we would continue to focus on growth by utilizing our strengthend capacity of 3 MMTPA along with our backward integration capability to produce a wide array of soil-centric fertilizers across both our sites and ensure we are able to make the nutrients available to the farming community in the 15 states we operate across India.

At a macro-economic level, the outlook remains positive with raw material prices correcting, global supply chain further improving and China re-opening.”

 

Result PDF

Fertilizer firm Paradeep Phosphates announced Q2FY23 results:

  • Revenue from operations at Rs 2,864 crore; up by 48% as compared to Rs 1,935 crore in Q2FY22
  • EBITDA at Rs 188 crore in Q2FY23. The adjusted EBITDA for the one-time Goa Plant acquisition cost is Rs 230 crore
  • Total fertilisers produced at 506,195 MT compared with 368,340 MT in Q2FY22
  • Record production of 216,937 MT of N-20 in Q2FY23, compared to 151,870 MT in Q2FY22
  • Three new NPK grades—NPK 14:28:0, NPK 14:28:0:13 and NPK 24:24:0:0—launched. Improves farmer choice in their quest for soil-specific and crop-specific applications
  • Goa fertilizer plant, which was acquired on June 1, 2022, produced 2,09,115 tonnes of finished fertilizers in Q2FY23, which includes 1,24,375 tonnes of Urea
  • Raw material costs have increased in this quarter owing to steep global commodity prices. Certain raw material prices, however, have softened in October
  • Finance costs have increased due to the increase in subsidies outstanding and currency volatility compared to the previous year
  • Fertilizer demand is expected to remain firm for the commencing Rabi season, given the low stocks and high reservoir levels

S Krishnan, Managing Director, Paradeep Phosphates said: “During the second quarter, we have been able to start the Goa Plant operations and all the 3 trains there are fully operational now. Also the completion of the revamp process of the 4th granulation train at the Paradeep Plant is in advanced stages. Regarding the product mix, our choice to manufacture a higher amount of N-20 and lower DAP this quarter reflects the flexibility of our production trains to adapt as per market demand. However, certain one time expenses and a delay in commissioning the NPK trains at the Goa Plant resulted in higher fixed costs and a consequential impact on EBITDA. Going forward, we believe robust demand experienced in Kharif will continue into Rabi and the industry will benefit from low inventory levels, high reservoir levels and an overall decline in some raw material prices.”

Result PDF

Paradeep Phosphates announced Q1FY23 results:

  • Revenue from operations at Rs 2435 crores, up by 85%, as compared to Rs 1316 crores of Q1 FY 21-22.
  • EBITDA at Rs 167 crores, up by 56%, as compared to Rs 107 crores of Q1 FY 21-22.
  • Total fertilizers produced at 283,624 MT vis a vis 227,785 MT in Q1 FY 21-22.
  • New NPK grade NPK 14:28:0 launched. Improves farmer choice in their quest for a soil-specific and crop-specific applications.
  • Acquisition of the Goa fertilizer plant completed as on June 1st 2022. Has added 1.2 million MTPA to the company’s total capacity. As of June 30th 2022, the company’s annualized capacity stands at 2.85 million MT per annum.
  • Finance cost have increased due to increase in subsidy outstanding and currency volatility vis-à-vis previous year.
  • Fertilizer demand expected to remain firm for ongoing Kharif and the Rabi seasons, given the low stocks and healthy rainfall projections.

Commenting on the results, Mr. S Krishnan, Managing Director, Paradeep Phosphates said, “During the first quarter, we have added significant capacities through organic as well as inorganic route. This includes completion of revamp of three out of our four granulation trains at Paradeep site and also completion of the acquisition of the Goa plant which has in turn added 1.2 million MT to our overall capacity. With this, PPL now has an annualised capacity of 2.85 MMTPA as of 30th June’22. This quarter also marks the launch of a new product from our portfolio – the NPK 14:28:0 – a product that is a balanced combination of “N” and “P” ingredients and helps to further deepen our farmer linkages. While the Paradeep unit continues to perform well taking advantage of the deep supply chain linkages and long term procurement contracts, our current quarter performance has been impacted due to the various acquisition related costs such as stamp duty charges and the start-up costs of the urea-ammonia operations – all of which have been expensed off as per accounting standards. We believe robust demand will continue for sector on account of low inventory, good monsoon and high level of reservoir.”

 

 

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